What is Talent Management Process in HRM? Strategy, Example, Importance


What is Talent Management Process in HRM? Strategy, Example, Importance

The talent management process in HRM, often explained and defined as a business technique employed by the human resources in an organization and the recruiter associations, is one of the crucial and best practices used by HR professionals to plan and coordinate hiring and retention procedures.

Talent planning is a process of systematically structuring a pre and post recruitment strategy plan in talent management and succession planning to identify the requirement/ needs of talent in a company, breakdown the job role, source for qualified candidates, train then retain best employees, attract the talented with career development prospects, reward the hardworking with benefits & appraisals, and finally provide smooth exit and retirement schemes for employees.

Importance of Talent Management

In today's competitive business world, managing and maintaining top talents in the organization is essential and very important. Thus, attracting qualified candidates with good benefits and package offers greatly helps in business development and boosts employees' performance too.

Talent management is a very complex process in HRM. Thus, it requires sophisticated tools such as HR and Payroll Software applications to manage employees salaries, automated chatbots to reach out and contact candidates, robust ATS systems to track potential hires applications, alongside many other tools.

Example

To elaborate with an example that emphasizes on the benefits and importance of talent management, a research conducted by Deloitte showed 40% lower employee turnover and approximately 38% higher employee engagement and performance results upon implementing a proper strategic talent management process in global companies.

Step-by-Step process of talent management in HRM

Here are the key processes of talent management in HRM:

Identifying the requirement of talent

The first process of talent management is identifying the requirements of talents by analyzing the vacancies in the company and coordinating with the superior representatives to fill the job gaps.

Understanding the Job description and role

Listing the job description and role required in the candidates helps the HR personnel to contact the right individuals and job seekers.

Source for talent

Sourcing for talent is the key procedure while hiring candidates. Hiring top talents via a job posting, referral program, etc., simplifies the employee onboarding process.

Recruitment

The recruitment process is the intermediate stage of hiring and selecting the right candidates by conducting online tests/ exams, scheduling interviews, collecting job seekers information, sorting job applicants' applications, etc.

Training and development

Once the right candidate(s) are hired, training via online lessons or internship programs is essential to evaluate a candidate's capacity and potential.

Performance benefits and appraisal

One of the most important things to do is appraise and reward hardworking employees with monetary and non-monetary grants as it tends to boost their confidence and performance.

Other processes involved in talent management:

  • Performance analysis and assessment
  • Retaining the talented
  • Salary hike and promotion
  • Career prospects and growth
  • Resignation & Retirement planning
  • Succession planning
date  03 Jun 2019

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